Real Estate Glossary T

Take-out financing - Long term permanent financing.

Tap fees - Most companies charge a tap fee for hooking up utilities.

Tax deduction - A tax break given by the government. Mortgage interest, loan points and property taxes can be deducted.

Tax sale - The public sale of a property by the government for nonpayment of taxes.

Tear-down condition - A house that requires the entire interior to be rebuilt. 

Teaser rate - A low, short-term rate offered on a mortgage to entice the borrower.

Tenancy at sufferance - A tenancy which exists when a tenant wrongfully holds over after the expiration of a lease, without the landlord's consent, as where the tenant fails to surrender possession after termination of the lease.

Tenancy at will - A tenancy in which a person is in possession of real estate with the permission of the owner, for a term of unspecified or uncertain duration, as when an owner permits a tenant to occupy a property until it is sold.

Tenancy for years - A less than freehold estate in which the property is leased for a definite, fixed period of time, be it for 60 days or any fraction of a year, a year, ten years, etc.

Tenancy in common - A form of concurrent ownership of property between two or more persons, in which each has an undivided interest in the whole property; frequently found when the parties acquire title by descent or by will.

Tenancy in severalty - Ownership of property vested in one person alone, and not held jointly with another; also called Several Tenancy or Sole Tenancy.

Tenant - In general, one who holds or possesses property, such as a life tenant or a tenant for years; commonly used to refer to a lessee under a lease.

Tenants in common - Two or more owners who share interest in a specific property.

Terrace  - A terrace can be several things: an unroofed paved area right next to a house; a roofed balcony; a veranda; or a raised bed of earth constructed to enhance a landscape.

The 72-hour clause - When a buyer has a house to sell before they can purchase another home, most sellers insist on a 72-hour clause. In the event of a better offer coming in before the contingency is settled, this clause entitles the seller to give the buyer 72 hours to remove the contingency or lose the house.

Third-party origination - In a third party origination transaction, the lender has another institution originate all or part of a mortgage.

Time is of the essence - The clause in a contract, which emphasizes that punctual performance, is an essential requirement of the contract.

Title - The actual legal document conferring ownership of a piece of real estate.

Title company - Firms that ensure that the title to a piece of property is clear and provide title insurance.

Title risk - Possible impediments to the transfer of a title from one owner to another.

Top producer - A real state industry term that refers to agents and brokers who sell a high volume of homes.

Top soil - The top layer of soil that is removed when lots are graded in preparation for construction.

Total expense ratio - The percentage of monthly debt obligations relative to gross monthly income.

Township - A piece of property, used in the government survey system of land description, which is 6 miles square, and contains 36 sections, each 1 mile square; and consists of 23,040 acres.

Tract home - Another term for a production home, a mass-produced house constructed by one builder in a project. produced house constructed by one builder in a project.

Trade equity - Other real estate or assets a buyer gives to a seller as part of the down payment.

Trade fixtures - Articles of personal property annexed to leased premises by the tenant, as a necessary part of the tenant's trade or business.

Trading down - A reference to buyers who purchase a home that is less expensive than their current house.

Trading up - A reference to buyers who purchase a home that is more expensive home than their current house.

Trans union trans union corp. - is one of the "Big Three" credit reporting bureaus that operate nationwide. Address: 760 Sproul Road, P.O. Box 390, Springfield, PA 19064. Phone: (312) 408-1400

Transfer of ownership - Any legal means by which a piece of real estate changes hands.

Transfer tax - An assessment by state or local authorities at the time a piece of property changes hands.

Transom - A small hinged window directly above a door.

Tray ceiling - A tray ceiling has edges that slant toward the middle from the walls.

Treasury bills - Securities issued by the Treasury Department that have the full backing of the U.S. government.

Treasury index - An index used to determine interest rate changes for adjustable rate mortgages.

Trellis - A decorative landscape structure made of thin strips of wood or plastic.

Trim work - The finishing of doors, doorways, window frames and floors.

Triple net lease - A net lease, where in addition to the stipulated rent, the lessee assumes payment of all expenses associated with the operation of the property.

Truss - A prefabricated framework of girders, struts and other items used to support a roof or other load bearing elements. bearing elements.

Trust account - Special accounts used by brokers and escrow agents to safeguard funds for a buyer or seller.

Trust deed - A real property security device (also called a deed of trust) very similar to a mortgage, except that there are three parties, the trustor, the trustee, and the beneficiary (the lender).

Trust fund account - An account set up by a broker at a bank or other recognized depository, into which the broker deposits all funds entrusted to him by his principal or others.

Trustee - A legally empowered person who holds or controls a piece of property for another person.

Truth-in-lending act - A federal law that protects consumers in a variety of ways. One of its key provisions allows a consumer to cancel a home improvement loan, second mortgage or other loan if the home was pledged as security (except for a first mortgage or first trust deed) until midnight of the third business day after the contract was signed.

Tuck-point - The process of removing old mortar from between bricks and replacing it with new mortar.

Turnkey project - A development term meaning the complete construction package from ground breaking to the completion of the building. All that is left undone is to turn over the keys to the buyer.

Two-step mortgage - An adjustable mortgage with two interest rates, one for the first five or seven years of the loan, and the other for the remainder of the loan term.

Two-to four-family property - A piece of property that is owned by one person but provides housing for up to four households.

 

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